PM Modi, Swiss President Parmelin hold talks to deepen trade, investment and tech ties

New Delhi: Prime Minister Narendra Modi on Monday hosted Swiss President Guy Parmelin for wide-ranging talks to explore new opportunities in further strengthening India-Switzerland ties, especially in areas of trade and investment, mobility and critical technologies.

Parmelin kick-started his three-day visit to India this morning in his first state visit to India and his second this year. He visited India to participate in the AI Impact Summit in February.

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Shortly after he landed in the national capital, the Swiss leader was accorded a ceremonial reception at the forecourt of Rashtrapati Bhavan. He then visited Rajghat and paid tributes to Mahatma Gandhi.

"A substantive agenda lies ahead as the two leaders are set to discuss the many dimensions of the India-Switzerland partnership and explore new opportunities to take it further," External Affairs Ministry spokesperson Randhir Jaiswal said on social media.

Ahead of Parmelin's talks with PM Modi, External Affairs Minister S Jaishankar met the Swiss leader and discussed various aspects of bilateral ties.

After the meeting, the External affairs minister said he "deeply appreciate" President Parmelin's sentiments towards deepening India-Switzerland partnership, building on the promise of India-EFTA Trade and Economic Partnership Agreement (TEPA).

The TEAPA was signed between India and the European Free Trade Association (EFTA) in March, 2024 following nearly 16 years of negotiations.

Also Read: Swiss President to visit India as FTA with EFTA marks first anniversary

Under the mega trade pact, the European Free Trade Association (EFTA) States of Iceland, Liechtenstein, Norway and Switzerland are looking at making an investment of USD 100 billion in India over the next 15 years.

The trade pact that came into effect in October last year is expected to boost India-Switzerland trade ties.

Over 330 Swiss companies are currently operating in India in sectors such as engineering, services, precision instruments, chemicals and pharmaceuticals while Indian companies are present in Switzerland in sectors such as IT, pharmaceuticals, and machinery.

Parmelin will also meet President Droupadi Murmu, who will also host an official banquet in his honour.